subject: No Proof Home Equity Loans [print this page] Are you looking for a good home equity loan, but having trouble because you cannot prove all of your income? There are programs to help you and they are called no proof home equity loans. These are great programs for the right situations, but horrible for the wrong situation. Here are two good situations for a no proof loan and one situation to avoid this loan in.
The first situation is one that you should completely avoid a no proof loan. If you have plenty of equity in your home, good or great credit, and work for a regular paycheck, then you need to avoid this type of loan. If your mortgage broker is trying to talk you into a no proof loan they are thinking about their commission and not you. Avoid it and go somewhere that will offer you a conventional home equity loan with a low fixed rate.
The second situation is the most common for a no proof loan. If you are self employed and have trouble proving what you actually make each you, then you are the right type of candidate for a no proof loan. This loan will allow you to get what you need without proving your income or employment. The rate will be a bit higher than a normal home equity loan, but you won't have any issues qualifying for the loan.
The last situation is another good one for this type of loan. If you earn most of your income from tips and you don't claim them all, then doing a no proof loan can be very beneficial for you. This can get you the home equity loan you need without the hassle of proving what you really make. Just be sure that you can afford the loan and you will be fine.
If you fit into the first situation, then you need to avoid the no proof home equity loans, but if you fit into either of the other situations, then this is the right type of loan for you. Always shop around and make sure you are getting the best loan for you.
